French prosecutors have informed Lebanon's embattled banker Riad Salameh of their intention to bring preliminary charges of fraud and money laundering against him, Reuters reported, citing judicial documents.
This adds to the mounting case against the central bank governor, who has been under increasing scrutiny in several European countries for his financial dealings.
The documents sent by the French judicial authorities to Mr Salameh ahead of his hearing scheduled for May 16 contain a new accusation of using false account statements, Reuters reported.
The agency said French prosecutors plan to bring preliminary charges and officially designate him a suspect during the hearing.
The new accusation against Mr Salameh is related to allegations that Marwan Kheireddine, chief executive of Lebanese bank Al Mawarid, falsified banking statements for accounts owned by Raja Salameh, the governor's brother.
In January, Mr Kheireddine was questioned in Lebanon by European investigators in relation to the three accounts, which produced exceptionally high returns between 1993 and 2019, growing from an initial investment of $15 million to $150 million, according to judicial documents obtained by The National.
In a letter also seen by The National, Riad Salameh's lawyer Pierre Olivier Sur told a French judge that "Raja Salameh opened accounts in his name where funds belonging to Riad Salameh were placed" because the governor "entrusted a large part of the management of his personal assets to his brother", before he was appointed at the central bank.
The account statements were provided to the French judiciary as part of Riad Salameh's defence to explain the growth his assets, Mr Olivier Sur wrote.
However, investigators have long suspected that the account statements were created only to cover up accusations of illicit enrichment.
They do "not contain any element confirming their authenticity and their non-falsification", Lebanese judge Jean Tannous, who led a separate probe into Riad Salameh, wrote in a judicial document.
In the French court document seen by Reuters, French investigators concluded that Mr Salameh "used fake records of bank accounts at AM Bank … provided by Marwan Kheireddine, to justify in a deceitful manner the origin of his properties or revenues".
Mr Kheireddine was indicted in Paris at the end of last month as part of the French investigation on aggravated money-laundering charges and participation in a criminal conspiracy.
Mr Salameh is under investigation in at least six European countries for having allegedly embezzled more than $330 million dollars from the central bank with the help of his brother.
European prosecutors are investigating the commissions paid by commercial banks to Lebanon's central bank as part of a contract awarded to Forry Associates, a company owned by Raja Salameh.
Investigators suspect Forry to be a shell company created only to channel millions to fund luxury properties in Europe.
The brothers have denied any wrongdoing.
Lebanon is in the midst of a steep economic crisis blamed on decades of corruption and squandering of public funds by an entrenched political elite.
As the head of Lebanon's central bank since 1993, Mr Salameh also came in for criticism for his role in a failed system that ultimately collapsed, leaving 80 per cent of the population living below the poverty line
$50 million in assets in Switzerland
The report of potential French charges comes after Switzerland’s Federal Criminal Court upheld a decision by the Office of the Attorney General to refuse a request to release of a portion of funds frozen in an account linked to Mr Salameh.
The decision, which was made public on Wednesday, is a rare insight into the Swiss proceedings against Mr Salameh.
Last month, the Federal Criminal Court rejected a request from Mr Salameh for complete access to the file on his investigation.
According to the court's website, Mr Salameh had lodged appeals seeking access to the complete investigation file and claimed he had not received a fair hearing.
The judges cited the complexity of the case in their decision to deny the request.
The investigation "although open for over two years, is still in its early stages, given its complexity and foreign ramifications" and requires "an analysis of the voluminous bank documentation produced, as well as investigative measures dependent on international co-operation", they said.
Under Swiss law, defendants may access the file of an ongoing criminal proceeding, to allow them to prepare their defence, but this is not an absolute right and may be restricted by criminal judges if they deem defendants are abusing it.
Public knowledge of proceedings in the Swiss investigation has been relatively limited compared to other European investigations, including the French inquiry. Mr Salameh has significant assets in Switzerland, with the Swiss judiciary having identified about $50 million in assets held by him in Swiss banks.
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MATCH INFO
Tottenham Hotspur 0 Everton 1 (Calvert-Lewin 55')
Man of the Match Allan (Everton)
THE SPECS
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Power: 571hp at 6,000rpm
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Fuel economy, combined: 11.4L/100km
Price, base: from Dh571,000
On sale: this week
UAE currency: the story behind the money in your pockets
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
The Kites
Romain Gary
Penguin Modern Classics
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Stage 5 results
1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53
2 Alexey Lutsenko (KAZ) Astana Pro Team -
3 Adam Yates (GBR) Mitchelton-Scott -
4 David Gaudu (FRA) Groupama-FDJ 0:00:04
5 Ilnur Zakarin (RUS) CCC Team 0:00:07
General Classification:
1 Adam Yates (GBR) Mitchelton-Scott 20:35:04
2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01
3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33
4 David Gaudu (FRA) Groupama-FDJ 0:01:48
5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Haemoglobin disorders explained
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
